Friday, March 29, 2024

Zambia gets US $81.2 million funding

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The Executive Board of International Monetary Fund (IMF) yesterday approved US$81.2 million for Zambia’s poverty reduction programmes under the Poverty Reduction and Growth Facility (PRGF) arrangement.

The release of the funds will bring the total disbursements to US$262.5 million this year.

This is contained in a statement issued by first secretary for press at the Zambian embassy in Washington DC, Ben Kangwa.

The executive board of the IMF yesterday also concluded the 2009 Article IV consultation with Zambia.

IMF deputy managing director and acting chairman of the executive board, Murilo Portugal, commended the Zambian government for the country’s solid economic performance under the PRGF-supported programme.

“Their prudent macroeconomic management was demonstrated by the Zambian economy’s resilience to the global economic crisis,” Mr Portugal said.

He also noted that Zambia’s 2010 budget is well-balanced and that authorities are aiming at creating fiscal space for poverty reducing expenditure and infrastructure investment to sustain robust and diversified growth.

Amongst others he mentioned that the authorities will review tax policies and administration,with a view of broadening the tax base and reinforcing tax collection,adding that the upward trend in the wage bill needs to be reversed to free resources for other priority outlays and social spending.Further reforms to enhance efficiency in Government spending are also needed he said.

He said the floating exchange rate regime and reserve money-based monetary programme have served the country well and that Government’s plan to transition an inflation targeting framework should be premised on the establishment of necessary preconditions.

7 COMMENTS

  1. Mr Portugal said ‘Amongst others he mentioned that the authorities will review tax policies and administration,with a view of broadening the tax base and reinforcing tax collection’ LT can someone shed more light as to which tax policies are being reviewed.

  2. Just hope it wont go to campaigns,,,,oh Ben Kangwa, workmates with Veterinary in the press office,,,everthing makes sense now lol, what a web of lies we weave for ourselves

  3. This double speak is sickening – Zambia “gets” a “disbursement”. CALL A LOAN A LOAN PLEASE. It’s not like a kaponya on the street saying can I “get” your old tyres now that you have new ones. MWABWEZA chabe ndalama futi. This feeble mindedness will keep us all in medieval times for ever

  4. The choices that I.M.F. offer are very simple:
    Work with the I.M.F. and get wiped out!
    Don’t work with the I.M.F. and be destroyed!
    Therefore,the choice is—be wiped out or destroyed

  5. I van see we have some anti – establishment bloggers. Anti IMF, anti globalisation, reminds me of when i was at campus. I tend to agree that these IMF fimo fimo are not the best for our country . But my take is the IMF and their partners are necessary evils. The trick is in how you engange them.

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